How Do I Check My Credit Rating?

Have you ever been asked by a mortgage broker or other loan officer what your credit rating is? Have you ever responded with, where do I check my credit rating anyway?

There are plenty of ways to keep on top of checking your credit rating on a consistent basis. There are three credit bureau reporting agencies that determine your fico score they are Experian, TransUnion, and Equifax. There will be a different score for each company as some of their criteria will vary. A lot of lenders consider all three scores as they are usually similar, and provide a complete picture. Some lenders only look at one score from one agency.

There are several ways for your credit score to be checked. Every time a lender or person that you are requesting credit from checks your credit, it will be assessed a “hard hit” and lower you score slightly. Too many inquires can be considered negative to a lender, so use your inquiries into your credit sparingly and only if you actually are looking for credit. Lenders must have your written consent before pulling your credit, as they cannot do it without your permission. Avoid continually applying for credit products if you are declined until you find the reason for the decline and rectify it.

You can also individually check your credit score with no effect to your credit. Americans are allowed to check their credit once per year for free, and to obtain their credit score they have to pay a nominal fee with the report to get their exact score. To check your credit rating you can go to www.Annualcreditreport.com. It is a good idea to check for inaccuracies in your report before paying for the score, so you can have your score as high as possible when applying for credit. The bank, “Chase”, offers a free credit score to their clients that can be taken advantage of.

For the non-technical people, you can also have your credit rating sent to each by each respective reporting agency. Simply, call and ask them, “Can you check my credit rating?” and they will direct you to the right source. It is vital that you keep current on your credit bureau as activity is reported monthly and changes regularly, and the sooner you discover the problems the sooner they can be fixed.